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KCM

Kingdon Capital Management Portfolio holdings

AUM $976M Turnover 59%
1-Year Est. Return 66.76%
This Fund
S&P 500
This Quarter Est. Return
+12.66%
1 Year Est. Return
+66.76%
3 Year Est. Return
+217.15%
5 Year Est. Return
+352.97%
10 Year Est. Return
+2,412.55%
AUM
$806M
AUM Growth
+$63.2M
Cap. Flow
+$71.2M
Cap. Flow %
8.84%
Top 10 Hldgs %
31.19%
Holding
105
New
38
Increased
18
Reduced
11
Closed
28
Avg Time Held Equity + Options
0.8 years
Top 10 Avg Time Held Equity + Options
0.2 years
Top 20 Avg Time Held Equity + Options
0.3 years
Avg Time Held Equity only
0.9 years
Top 10 Avg Time Held Equity only
0.4 years
Top 20 Avg Time Held Equity only
0.4 years

Top Buys

Rank Stock Value
1
SLNO icon
Soleno Therapeutics
SLNO
+$22.3M
2
MOH icon
Molina Healthcare
MOH
+$20.3M
3
MSFT icon
Microsoft
MSFT
+$14M
4
EW icon
Edwards Lifesciences
EW
+$12.5M
5
META icon
Meta Platforms (Facebook)
META
+$11.9M

Top Sells

Rank Stock Value
1
SNDK icon
Sandisk
SNDK
+$16.8M
2
WM icon
Waste Management
WM
+$16M
3
TOL icon
Toll Brothers
TOL
+$15.4M
4
MMM icon
3M
MMM
+$15.2M
5
AJG icon
Arthur J. Gallagher & Co
AJG
+$14.4M

Sector Composition

Rank Sector Weight
1 Miscellaneous 22.13%
2 Healthcare 22.02%
3 Industrials 17.09%
4 Technology 16.15%
5 Consumer Discretionary 5.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
QQQ icon
1
PUT
Invesco QQQ Trust
QQQ
$487B
$51M 6.33%
+85,000
New +$48.7M
2025 Q3
0 quarters
SNDX icon
2
Syndax Pharmaceuticals
SNDX
$1.22B
$38.5M 4.77%
2,500,000
+400,000
+19% +$5.24M
2023 Q4
7 quarters
SMH icon
3
PUT
VanEck Semiconductor ETF
SMH
$68.1B
$22.8M 2.84%
70,000
+10,000
+17% +$2.96M
2025 Q1
2 quarters
NVDA icon
4
NVIDIA
NVDA
$5.25T
$21.9M 2.72%
117,500
-19,000
-14% -$3.31M
2025 Q1
2 quarters
MOH icon
5
Molina Healthcare
MOH
$11.1B
$21.1M 2.62%
+110,200
New +$20.3M
2025 Q3
0 quarters
SLNO icon
6
DELISTED
Soleno Therapeutics
SLNO
$20.3M 2.53%
+301,000
New +$22.3M
2025 Q3
0 quarters
EW icon
7
Edwards Lifesciences
EW
$50.8B
$19.6M 2.43%
251,400
+160,100
+175% +$12.5M
2025 Q2
1 quarter
NXE icon
8
NexGen Energy
NXE
$5.74B
$19.5M 2.42%
2,177,837
+200,000
+10% +$1.47M
2023 Q4
7 quarters
HUM icon
9
Humana
HUM
$51.9B
$18.4M 2.28%
70,600
+6,000
+9% +$1.58M
2025 Q1
2 quarters
BLDR icon
10
Builders FirstSource
BLDR
$5.78B
$18.2M 2.26%
150,000
+21,500
+17% +$2.85M
2025 Q2
1 quarter
CRH icon
11
CRH
CRH
$54.8B
$18M 2.23%
150,000
-50,000
-25% -$5.28M
2024 Q1
6 quarters
ECG icon
12
Everus Construction Group
ECG
$5.7B
$17.1M 2.13%
200,000
– –
2024 Q4
3 quarters
CART icon
13
Maplebear
CART
$12.1B
$16.5M 2.05%
450,000
+130,000
+41% +$5.99M
2024 Q4
3 quarters
KKR icon
14
CALL
KKR & Co
KKR
$78.7B
$16.2M 2.02%
125,000
-75,000
-38% -$10.6M
2025 Q2
1 quarter
EWY icon
15
PUT
iShares MSCI South Korea ETF
EWY
$22.3B
$15.2M 1.89%
+190,000
New +$14.1M
2025 Q3
0 quarters
GMED icon
16
Globus Medical
GMED
$10.6B
$14.8M 1.83%
257,650
+87,650
+52% +$5.05M
2025 Q1
2 quarters
MSFT icon
17
Microsoft
MSFT
$4.01T
$14.2M 1.77%
+27,500
New +$14M
2025 Q3
0 quarters
XLU icon
18
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$24.1B
$13.1M 1.62%
+300,000
New +$12.7M
2025 Q3
0 quarters
HEI icon
19
HEICO Corp
HEI
$43.1B
$12.9M 1.6%
40,000
– –
2023 Q1
10 quarters
SRAD icon
20
Sportradar
SRAD
$3.59B
$12.8M 1.58%
474,000
+74,000
+19% +$2.19M
2025 Q2
1 quarter
LOAR icon
21
Loar Holdings
LOAR
$5.88B
$12M 1.49%
150,000
+5,000
+3% +$376K
2024 Q4
3 quarters
TSM icon
22
TSMC
TSM
$2.19T
$11.9M 1.47%
42,500
– –
2024 Q1
6 quarters
META icon
23
Meta Platforms (Facebook)
META
$1.88T
$11.8M 1.46%
+16,000
New +$11.9M
2025 Q3
0 quarters
SKY icon
24
Champion Homes
SKY
$4.34B
$11.5M 1.42%
+150,000
New +$10.6M
2025 Q3
0 quarters
APG icon
25
APi Group
APG
$17.4B
$11.2M 1.39%
325,000
-12,500
-4% -$436K
2025 Q1
2 quarters
1
2 3 4 5

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Kingdon Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Kingdon Capital Management held 105 positions worth $806M, up 8.5% from $743M the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Kingdon Capital Management deployed $71.2M of net new capital in Q3 2025, opening 38 new positions and adding to 18 existing holdings. Its largest new stake was Soleno Therapeutics: 301,000 shares worth $20.3M.

By sector, the portfolio is most concentrated in Miscellaneous at 22% of assets, down from 32% a quarter earlier, followed by Healthcare and Industrials.

On the sell side, the largest reduction was Wolverine World Wide, an estimated $10.4M trimmed.

  • Kingdon Capital Management's largest Q3 2025 buy was Soleno Therapeutics: 301,000 shares worth $20.3M.
  • Kingdon Capital Management added most to Edwards Lifesciences in Q3 2025, an estimated $12.5M increase.
  • Kingdon Capital Management's biggest Q3 2025 reduction was Wolverine World Wide, cutting an estimated $10.4M.
  • Kingdon Capital Management fully exited Sandisk in Q3 2025, selling an estimated $16.8M.
  • Kingdon Capital Management's ten largest holdings make up 31% of its $806M portfolio in Q3 2025.
  • Kingdon Capital Management opened 38 new positions and closed 28 in Q3 2025.
  • Kingdon Capital Management's portfolio value rose 8.5% quarter-over-quarter to $806M.

Based on Kingdon Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.